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Herding and How To Start a Movement

On the Behavioral Economics Foundations episode on Herding, I mentioned one of my favorite TED Talks – How To Start A Movement by Derek Sivers. TED Talks are always pretty short, but this one is just three minutes long. You might think that is too short to learn something so amazing. Thankfully, this video delivers. While Sivers does not mention the terms “behavioral economics” or “herding” those underlying tendencies we have as a species are why his theories work (and are true). I love the simplicity of the message and how he made it relatable (remember – it’s not about the cookie). Taking complex concepts and making them fun and engaging is pretty much my jam, which is likely why[….]

Nebraska – Honestly, It’s Not For Everyone

Advertisements for tourism are often cliche and Utopian in their focus. But, what if your city, state or country doesn’t have landmarks people often seek out? What if you are a place people are more likely to drive through than plan a trip to? How can you get people to think of you differently so you can increase tourism? That’s where behavioral economics comes in. If you listen to The Brainy Business podcast or have heard me speak, you have likely heard me say “perception is reality” more than once. That is because of how the brain forms opinions and ideas. If someone has a strong belief about something – like, “Nebraska is just a state you drive through” –[….]

The Most Ridiculous Loss Aversion Example

Episode 9 of The Brainy Business podcast (which came out today) was the first Behavioral Economics Foundations episode, and it was dedicated to Loss Aversion. In it, after a list of GOOD examples for loss aversion (including those for real estate agents, financial institutions, accountants, business coaches, wedding retailers, and more) I give an example of a very ridiculous pop up that came up on a website trying to sell an online product. Loss Aversion Taken Too Far This is an example of taking loss aversion too far, where you might inadvertently trigger the conscious brain to be flagged for the wrong reasons, and talk your potential customer right out of a sale. It actually does a lot of things[….]